Buzzing Stocks on budget day: Paytm, Titan, Thomas Cook, Religare, GCPL, others in news

Results on February 1: Titan Company, Adani Enterprises, Adani Ports and Special Economic Zone, AAVAS Financiers, Abbott India, Aditya Birla Capital, Bata India, City Union Bank, Deepak Fertilisers, eClerx Services, Indian Hotels Company, India Cements, Dr Lal PathLabs, Mphasis, Praj Industries, Raymond, RITES, Thyrocare Technologies, and Tube Investments of India will be in focus ahead of declaring their quarterly earnings on February 1.

Auto stocks: Tata Motors, Mahindra & Mahindra, Bajaj Auto, Maruti Suzuki, Hero MotoCorp, Eicher Motors, Ashok Leyland, TVS Motor Company, and Escorts will be in focus on February 1 as they will release monthly sales numbers for January 2024.

One 97 Communications (Paytm): The Reserve Bank of India has taken further action against Paytm Payments Bank, saying no further deposits, credit transactions, or top-ups will be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashbacks, or refunds that may be credited anytime. The nodal accounts of One97 Communications and Paytm Payments Services are to be terminated at the earliest, in any case not later than February 29, 2024. On March 11, 2022, the RBI directed Paytm Payments Bank to stop onboarding new customers with immediate effect.

Glenmark Pharmaceuticals: Glenmark joined hands with Pfizer to launch Abrocitinib in India. Abrocitinib is used for the treatment of moderate-to-severe atopic dermatitis. Developed by Pfizer, Abrocitinib has received marketing authorization from the Central Drugs Standard Control Organization (CDSCO) in India and is approved by the US Food and Drug Administration (FDA), European Medicines Agency (EMA), and other regulatory agencies.

Shree Cement: The cement company has recorded 165 percent on-year growth in standalone net profit at Rs 734 crore for the quarter ended December FY24, with improved realization and cost reduction amidst robust demand growth. Revenue from operations grew by 20 percent year-on-year to Rs 4,901 crore, with sales volume rising 11 percent YoY to 8.89 million metric tons, while capacity utilization improved to 77 percent from 72 percent during the same period. EBITDA for the quarter jumped 74 percent to Rs 1,234 crore, with a margin expansion of 780 bps at 25.2 percent compared to the year-ago period.

Thomas Cook (India): The omnichannel travel company registered a 241 percent year-on-year growth in consolidated profit at Rs 90.5 crore during the quarter ended December FY24, partly driven by other income and topline. Revenue from operations for the quarter grew by 23.2 percent to Rs 1,893 crore compared to the corresponding period of the last fiscal.

Godrej Consumer Products: The FMCG company has registered a 6.4 percent on-year growth in consolidated profit at Rs 581 crore for the October-December period of FY24, driven by healthy operating numbers. Consolidated revenue from operations for the quarter increased by 1.7 percent to Rs 3,660 crore compared to the corresponding period of the last fiscal, with volume growth of 8 percent and revenue growth in constant currency of 19 percent YoY.

India Pesticides: Quant Mutual Fund and Quant Active Fund sold 5,76,800 equity shares, or half a percent of paid-up equity, in the chemical manufacturing company via an open market transaction. These shares were sold at an average price of Rs 376.12 per share. Quant MF held a 1.59 percent stake in the company as of December 2023.

Religare Enterprises: Puran Associates, VIC Enterprises, and M B Finmart, which are part of the Burman family, bought 1.18 crore equity shares, which is equivalent to 3.6 percent of paid-up equity in the company via open market transactions, valued at Rs 277.48 crore. These firms together held 18.28 percent stakes in the company as of December 2023. However, non-resident Indian Mahesh Udhav Buxani sold 45,19,019 equity shares, or a 1.37 percent stake in the company, at an average price of Rs 234.51 per share, amounting to Rs 105.98 crore.

Jindal Steel & Power: The company recorded consolidated profit of Rs 1,928 crore for the quarter ended December FY24, growing 272 percent over the profit of Rs 518 crore in the year-ago period. The base in Q3 FY23 was low due to exceptional losses and higher tax costs. Consolidated revenue from operations fell 6 percent year-on-year to Rs 11,701.3 crore.

Ajanta Pharma: The specialty pharmaceutical formulation company has reported net profit of Rs 210 crore for the October–December period of FY24, rising sharply by 56 percent over the year-ago period, backed by healthy operating numbers. Revenue from operations increased by 14 percent YoY to Rs 1,105 crore for the quarter, with India businesses growing 5 percent, Asia businesses up 28 percent, and Africa businesses up 7 percent, but US generics businesses dropped 5 percent. EBITDA surged 85 percent year-on-year to Rs 314 crore with a margin expansion of 1,090 bps at 28.4 percent for the quarter.

Indus Towers: KKR and CPP are likely to sell shares worth around $465 million, or Rs 3,800 crore, in the tower infrastructure company via block deal, reports CNBC Awaaz, quoting sources. Shares may be offered at up to an 8 percent discount to Wednesday’s closing price.

Gujarat Gas: The gas distribution company has signed a Memorandum of Understanding (MoU) with Hindustan Petroleum Corporation (HPCL). Under the said MoU, HPCL will be providing liquid fuels, automotive lubricants, greases, and specialties at Gujarat Gas outlets. Gujarat Gas will be setting up a CNG mother facility at HPCL outlets.

Dixon Technologies: The electronic manufacturing services company has reported 87 percent on-year growth in consolidated net profit at Rs 97 crore for the October-December quarter of FY24, driven by a healthy topline, though operating margin was weak due to higher input costs. Revenue from operations surged 100 percent to Rs 4,818.3 crore compared to the year-ago period.

Punjab & Sind Bank: The public sector lender has reported a 69.4 percent on-year decline in net profit at Rs 114.3 crore for the October-December period of FY24. Provisions and contingencies stood at Rs 96.3 crore for the quarter, against provisions write-back of Rs 207.5 crore. Net interest income fell 8.2 percent YoY to Rs 739.3 crore, while deposits grew by 8.09 percent and advances increased 7.5 percent during the same period. Asset quality improved with the gross NPA falling 53 bps QoQ to 5.7 percent and the net NPA declining 8 bps sequentially to 1.80 percent for the quarter.

Dishman Carbogen Amcis: The company received the Attestation of Inspection from the European Directorate for the Quality of Medicines and HealthCare (EDQM) Authority for the product inspected during September 18–20, 2023.

Federal-Mogul Goetze: Vinod Kumar Hans resigned as whole-time managing director of the company, with effect from the close of business hours on January 31, 2024. The board has appointed T. Kannan as an additional director and managing director of the company for three years, effective February 1, 2024.

Data Patterns (India): The defense and aerospace electronics solutions company recorded profit of Rs 50.97 crore for the quarter ended December FY24, growing 53 percent over the year-ago period due to higher other income and lower input costs. Revenue from operations grew by nearly 25 percent to Rs 139.5 crore compared to the year-ago period.

DCM Shriram: The company recorded net profit of Rs 240.5 crore for the quarter ended December FY24, falling sharply by 30 percent compared to the year-ago period, impacted by lower topline and weak operating numbers. Revenue from operations for the quarter declined 6.2 percent to Rs 3,035 crore compared to the corresponding period of the last fiscal.